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REGIONAL INVESTMENT CORPORATION (RIC) PASSES HOUSE OF REPRESENTATIVES

REGIONAL INVESTMENT CORPORATION (RIC) PASSES HOUSE OF REPRESENTATIVES

Gee Calls On Labor and Greens Orange City Council Candidates to Back RIC

Federal Member for Calare, Andrew Gee today said that he was very pleased to see that the Federal Government’s legislation establishing the Regional Investment Corporation (sometimes called the “Barnaby Bank”) had passed the House of Representatives.

The Regional Investment Corporation will provide concessional loans, drought assistance for farmers and also funding to states for water infrastructure projects. It is anticipated that it will have a loan book in excess of $4 billion.

“It was great to see it get through the House of Representatives but it still has to pass through the Senate,” said Mr Gee.

“On the positive side it was great to see the Nick Xenophon Team voting on the side of primary producers and farmers.

“On the negative side of the ledger it was very disappointing to see Labor and the Greens opposing it,” Mr Gee added.

“The Regional Investment Corporation will initially mean 25 to 30 jobs for Orange and I’m astounded that Labor and the Greens have opposed jobs for Orange, particularly when we’ve lost hundreds of them with the closure of Electrolux.

“I believe that with local government elections looming it is absolutely appropriate to be asking Labor candidates why their party has attempted to block jobs for Orange in the Australian Parliament and whether they’ll be lobbying their party to vote for it in the Senate.

“I’m also calling on the leader of the Greens in Orange, Stephen Nugent, to make representations to his party to get the Greens to support this bill in the Senate.

“If he was fair dinkum about supporting jobs in Orange then that’s what he would do,” Mr Gee said.

The Regional Investment Corporation Bill will be introduced to the Senate in September.